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Fri 23 Jan 2004, 17:06 ARNOLD PROPERTY FUND LIMITED - RETIREMENT OF DIREC
ARNOLD PROPERTY FUND LIMITED - RETIREMENT OF DIRECTOR                           
Arnold Property Fund Limited                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration No. 2001/011887/06)                                               
JSE Share Code: ARP                                                             
ISIN Code: ZAE000031720                                                         
("A-Prop")                                                                      
RETIREMENT OF DIRECTORS                                                         
In accordance with section 3.59 of the Listings Requirements of the JSE         
Securities Exchange South Africa, shareholders are advised that Mr G Bernstein  
and Mr RM Kaplan, did not stand for re-election at the Annual General Meeting   
held today, 23 January 2004.  Accordingly Mr G Bernstein and Mr RM Kaplan will  
be retiring as directors of A-Prop with immediate effect.                       
Johannesburg                                                                    
23 January 2004                                                                 
Sponsor:                                                                        
Java Capital
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